According to the latest report by Renub Research titled, "Ultrasound Device Market Size, Global Forecast 2021-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis” Ultrasound Device Market Size was US$ 7.2 Billion in 2021. The ultrasound devices are devices that take images of the inside of the body using high-frequency sound waves. Wherein, the ultrasound device uses the technique of ultrasonic imaging technique. Furthermore, ultrasound devices create real-time images of the body component, which displays the body's movement. Besides, the ultrasound devices also consist of a transducer, ultrasound detector, or probe. This diagnostic technique is minimally intrusive and does not use ionizing radiation to diagnose or treat body ailments.
Worldwide Ultrasound Devices Industry is expected to grow with a CAGR of 4.76% from 2021-2027
Across the world, diagnostic ultrasound system continues to be amongst the highest revenue-generating healthcare segment throughout the forecast period. In addition, the demand for ultrasound devices has increased because of government initiatives to raise awareness about the importance of early diagnosis. Also, government funding in emerging markets is expected to provide new opportunities in the market during the analysis period.
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Diagnostic Ultrasound Systems Is Primarily Dominant Segment:
Further, with the use of ultrasound devices and the introduction of improved technologically advanced ultrasound devices, the demand for ultrasound devices has increased compared to the previous year. The diagnostic ultrasound systems segment is primarily dominant due to the increase in ultrasound practices, the rise in the majority of chronic conditions, and technological advancements worldwide. Additionally, an increase in the incidence of various disorders such as cardiovascular diseases and respiratory and abdominal disorders makes the therapeutic ultrasound systems to be the most dominant.
Color Ultrasound Devices Segment Dominates the Market:
The ultrasound devices market is segmented into Color Ultrasound Devices and Black & White (B/W) Ultrasound Devices by display type. Throughout the studied period, the color ultrasound devices segment dominated the market as most available systems have acceptable image quality with a color flat-screen monitor irrespective of the features. For instance, devices with the characteristics of auto image optimization, auto color & doppler need a color display and cannot function through a black and white display.
Radiology/General Imaging Account for The Largest Market Share:
The ultrasound market is segmented into cardiology/obstetrics, musculoskeletal, radiology, critical care, and others based on application. The radiology/general imaging applications command the largest share of the ultrasound device market. Factors such as the rising incidence of diverse cancers across noteworthy countries, technological advancements in the field of ultrasound-based diagnosis and treatment, growing market availability and physician preference for HIFU in cancer treatment, increasing usage of ultrasound in cancer diagnosis and tissue biopsy, and the rising adoption of focused ultrasound in disease therapies are driving the growth of the radiology/general imaging segment.
Regional Realms: Asia-Pacific is the Fastest Growing Ultrasound Region
Geographically, Asia-Pacific is projected to be the fastest-growing region. The upgrading of healthcare infrastructure and healthcare expenditures in the emerging markets (such as India and China) to overpower the unmet medical needs in these countries mainly stimulates the regional market of Asia-Pacific. In addition, technological advancements for cost-effective devices in these nations offer a lucrative opportunity for the growth of the ultrasound devices market.
Further, the growth in the European ultrasound market is attributed to the increased adoption of ultrasound for diagnosis, increased procedure volumes resulting from the rapidly aging population, and increased prevalence of chronic diseases. However, regulatory framework concerns and the scarcity of experienced and skilled sonographers in diverse countries in Europe are anticipated to hinder the market growth. In addition, the growing acceleration of HIFU in European countries for the remedy of prostate cancer is further positioned to drive the ultrasound market.
Key Industry Players:
The key players in the ultrasound market favorably concentrate on expanding their business functions in the fast-growing emerging countries and the latest product launches as a preferred approach. The companies profiled in this report include GE Healthcare, Siemens Healthcare, and Philips - Healthcare Sales, Hologic, Inc. Notwithstanding, portable technological devices are praised globally, and these key companies have a wide presence across the developed and emerging markets.
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Impact of COVID-19 on the Global Ultrasound Devices Market:
Coronavirus disease has had an incredible impact on the world and has altered the ultrasound device industry. The pandemic has had a complex and exceptional effect on the ultrasound market. Nonetheless, after the reopening of the market post-pandemic, the healthcare providers are employing ultrasound systems, primarily designed for point-of-care (POC) applications, for the triage, monitoring, and diagnosis of patients worldwide, boosting the market of ultrasound devices.
Market Summary:
- Product Type: We have studied Diagnostics Ultrasound Systems and Therapeutic Ultrasound Systems as product type in Global Ultrasound Devices Market.
- Display Type: We have covered Color Ultrasound Devices, Black & White (B/W) Ultrasound Device in our report.
- Application: In our reported we have studied the applications of ultrasound devices in Cardiology/Obstetrics, Musculoskeletal, Radiology, Critical Care and others.
- Regions: We have covered the regional market of North America, Europe, Asia-Pacific, South America, Middle East and Africa.
- Company Analysis: The key players of Global Ultrasound Devices Market are GE Healthcare, Siemens Healthcare, Philips - Healthcare Sales, Hologic, Inc.
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